Linamar Hungary plans HUF 8.6 bln investment

Pharma

Linamar Hungary, a Canadian-owned maker of precision machined and assembled components, will invest HUF 8.64 billion at three bases around the country, creating 200 jobs, Minister of Foreign Affairs and Trade Péter Szijjártó said in Budapest on Tuesday. The government is supporting the investment with a HUF 1.55 bln grant.

The investments will create 119 jobs in Orosháza and 71 in Békéscsaba, both in southeast Hungary, as well as ten in Gyöngyös, in the northeast of the country, Szijjártó was cited as saying by state news agency MTI.

Hungary competed for the investment with a number of other countries, but won Linamar over with Europeʼs lowest tax rates, the minister explained.

Linamar Hungary CEO Csaba Havasi said the investment would generate additional revenue of more than HUF 41 bln in five years.    Last year, Linamar Hungaryʼs revenue reached HUF 58 bln, he added. The company employs more than 2,500 people.

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